Question
The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2020 are shown here. Equipment Beg. bal.80,700 Disposals24,800 Acquisitions41,500
The T-accounts for Equipment and the related Accumulated DepreciationEquipment for Luo Company at the end of 2020 are shown here.
Equipment
Beg. bal.80,700
Disposals24,800
Acquisitions41,500
End. bal.97,400
Accumulated DepreciationEquipment
Disposals8,400
Beg. bal.44,900
Depr. exp.14,800
End. bal.51,300
In addition, Luo's income statement reported a loss on the disposal of plant assets of $7,000. What amount was reported on the statement of cash flows as "cash flow from sale of equipment"
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Financial Accounting
Authors: Libby, Short
6th Edition
978-0071284714, 9780077300333, 71284710, 77300335, 978-0073526881
